Earthquake insurance can help you sleep better in wake of 4.6 earthquake – Times Herald Online

If you felt the 4.6 magnitude earthquake that struck on April 2, you are not alone. If you don’t have earthquake insurance, you’re not alone either, although after a recent earthquake, it might be worth thinking about.

Although the epicenter was in Santa Cruz County, people in Vallejo, Vacaville and even Sacramento reported feeling it. Although minimal damage has been reported, damaging shaking is possible anywhere in California—and despite this, 85 to 90 percent of Californians do not have earthquake insurance.

Many people don’t realize that just because they have home insurance doesn’t mean they have earthquake insurance. It is not included in California home insurance policies. Rather, they must be purchased separately through the California Earthquake Commission.

By law, every two years you must be offered the option to buy it out, and homeowners should take the offer seriously, one insurance expert said.

“It’s definitely something you should think about,” said Matt Brannon, a senior analyst at Insurify, a National Insurance data website.

The decision on whether to purchase insurance “will depend on making some financial decisions, because especially in areas where earthquakes are potentially catastrophic, rates tend to be higher,” Brannon said.

The average cost in California is $900 annually, the analyst said. However, in high-risk areas, it can range from $2,000 to $5,000 per year. To find out if you are in a high-risk area, visit this calculator on the Department of Conservation website.

He also said that deductibles are relatively high for earthquake insurance compared to home insurance. The typical deductible in California is 10 percent.

“If you have a $500,000 home, you may need to cover the first $50,000,” the analyst said. “That’s a lot of money to absorb financially.”

On the other hand, it’s of course better to pay $50,000 than to cover the full cost of replacing your home. According to the USGS, there is a 72 percent chance that a 6.7-magnitude earthquake will hit the Bay Area within the next 30 years.

Another consideration: If you have a high-risk home — an older home, a brick or masonry home, or more than one story — that increases your risk of damage from an earthquake, according to the California Department of Insurance.

Earthquake insurance is especially important for residents of Vallejo and Vacaville. Although it happened about 25 miles away in Napa in 2014, cities felt the effects of the largest earthquake in the Bay Area since the 6.9-magnitude Loma Prieta earthquake in 1989 — the South Napa earthquake.

Former President Barack Obama declared a major disaster for Napa and Solano counties, causing an estimated $1 billion in damage, 200 people injured, and one person dead.

About 25 miles away, Vallejo did not escape damage. The city marked 404 buildings yellow for partial use, 34 red for non-use, and submitted 2,049 earthquake-related inspections.

In Vacaville, shaking was strong, but damage reports in the immediate aftermath focused on Napa and Vallejo.

“This earthquake blew out a lot of commercial building windows in Vallejo, and it blew out a lot of people’s windows and fireplaces,” said Jane Kilkenny Turk, who owns and operates Vallejo Insurance Associates.

The broker, a longtime Vallejo resident, said things fell and furniture slid in her home when the quake hit.

Brannon noted that while many people assume that FEMA will help them after a major earthquake, that is not necessarily guaranteed.

The main form of federal disaster relief is a low-interest loan, and recipients must show they can repay the loan. Grants from the Federal Emergency Management Agency (FEMA) for emergency home repairs and temporary rental assistance are only for those who do not qualify for loans, according to the state Insurance Administration.

If earthquake insurance is out of your price range, there are several things you can do to protect your home, according to the department.

One of the most effective approaches is to update your home. While this involves finding a contractor, living through construction on your home, and paying for it, the cost will likely be much less than purchasing insurance or making repairs after an earthquake.

Securing breakable items, placing latches on china cabinets, attaching tall furniture such as bookcases and dressers to studs in the walls, and attaching computers and televisions are other strategies.

Perhaps the most important thing is to study the variables and decide which approach is best for you. Meanwhile, experts reached similar conclusions:

“For many people, the peace of mind of having insurance to handle a major loss is worth it,” Brannon said.

“People ask me, ‘Should I buy earthquake insurance in Vallejo?'” Kilkenny Turk said. I say: Yes, if it helps you sleep better at night.

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